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United States · Bill · HR

H.R. 1663 (108th)

Predatory Mortgage Lending Practices Reduction Act

Original

referredUnited States· United States Congress· EN

Introduced

8 April 2003

Last action

29 April 2003 · Referred

Status

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Sponsors

Rep. Jones, Stephanie Tubbs [D-OH-11], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Cummings, Elijah E. [D-MD-7], Rep. Clay, Wm. Lacy [D-MO-1], Rep. Payne, Donald M. [D-NJ-10], Del. Christensen, Donna M. [D-VI-At Large], Rep. Millender-McDonald, Juanita [D-CA-37], Rep. Davis, Danny K. [D-IL-7], Rep. Towns, Edolphus [D-NY-11], Rep. Jackson, Jesse L., Jr. [D-IL-2], Rep. Fattah, Chaka [D-PA-2], Rep. Clyburn, James E. [D-SC-6], Rep. Lee, Barbara [D-CA-12], Rep. Kilpatrick, Carolyn C. [D-MI-13], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Kaptur, Marcy [D-OH-9], Rep. Schakowsky, Janice D. [D-IL-9], Sen. Sanders, Bernard [I-VT], Rep. Berkley, Shelley [D-NV-1], Rep. Ryan, Tim [D-OH-13], Rep. Jefferson, William J. [D-LA-2], Rep. Lewis, John [D-GA-5], Rep. Conyers, John, Jr. [D-MI-1], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Owens, Major R. [D-NY-12], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Kucinich, Dennis J. [D-OH-10], Rep. DeLauro, Rosa L. [D-CT-3]

Subjects

Housing

Source updated

18 August 2025

Housing

Official sourceDownload fileView documentsShare

Summary

Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing mortgage lending services for either a subprime federally related mortgage loan or for mortgage brokerage services for such a loan. Sets forth civil penalties for violations. Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.) Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 8 April 2003

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 8 April 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 8 April 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 29 April 2003

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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